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Salesforce (CRM 148.46, -11.79, -7.4%): beats by $0.18, reports revs in-line; guides Q4 EPS in-line, revs below consensus; announces that Bret Taylor will step down as Vice Chair and Co-CEO, effective January 31, 2023; Marc Benioff will be Chair and CEO of the company
Splunk (SPLK 83.74, +6.06, +7.8%): beats by $0.58, beats on revs; guides Q4 revs in-line; slightly lowers FY23 Cloud ARR guidance
Box (BOX 27.44, -0.01, -0.04%): beats by $0.01, reports revs in-line; guides Q4 EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs below consensus
Snowflake (SNOW 136.28, -6.62, -4.6%): beats by $0.06, beats on revs; Sees Q4 Product revenue between $535-540 mln, up 49-50% yr/yr
Okta (OKTA 62.39, +9.07, +17.0%): beats by $0.24, beats on revs; guides Q4 EPS above consensus, revs in-line
Five Below (FIVE 176.00, +15.14, +9.4%): beats by $0.14, beats on revs, comps better than expected; guides Q4 EPS above consensus, revs above consensus
Elastic (ESTC 52.19, -9.00, -14.7%): beats by $0.10, beats on revs; guides Q3 EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs below consensus; also announces workforce reduction
Synopsys (SNPS 365.00, +25.46, +7.5%): beats by $0.07, reports revs in-line; guides Q1 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus
Dollar General (DG 241.99, -13.69, -5.4%): misses by $0.22, reports revs in-line; guides Q4 EPS below consensus; reaffirms FY23 revs guidance
G-III Apparel (GIII 15.82, -5.81, -26.9%): misses by $0.49, reports revs in-line; guides FY23 EPS below consensus, reaffirms FY23 revs guidance; also extends license agreements for Calvin Klein and Tommy Hilfiger
General Electric (GE 86.20, +0.23, +0.3%): Board of Directors approves previously announced spin-off of its healthcare business; GE Healthcare expected to begin trading on Nasdaq on January 4, 2023, under the ticker “GEHC”
Costco (COST 524.24, -15.01, -2.9%): reports November adjusted comparable sales growth of 5.3%S&P futures vs fair value: +10.50. Nasdaq futures vs fair value: +32.00.
The S&P 500 futures are up 14 points and are trading 0.2% above fair value.
The Nasdaq 100 futures are up 34 points and are trading 0.3% above fair value.
The Dow Jones Industrial Average futures are up 34 points and are trading slightly below fair value.For you, there’ll be no more crying.
For you, the sun will be shining.
And I feel that when I’m with you,
It’s alright, I know it’s right.
#RIPChristineMcVieAfter-Hours:
Asana (ASAN) beats by $0.06, beats on revs; guides Q4 EPS above consensus, revs below consensus… ASAN down 12.5%
Marvell (MRVL) misses by $0.02, misses on revs; guides Q4 EPS below consensus, revs below consensus… MRVL down 6.5%
Samsara (IOT) beats by $0.04, beats on revs; guides Q4 EPS in-line, revs above consensus… IOT up 21.6%
Smartsheet (SMAR) beats by $0.14, beats on revs; guides Q4 EPS above consensus, revs above consensus… SMAR up 9.8%
Ulta Beauty (ULTA) beats by $1.21, beats on revs, comps of +14.6%; guides FY23 EPS above consensus, revs above consensus, raises comp guidance… ULTA up 3.0%
UiPath (PATH) beats by $0.06, beats on revs; guides Q4 revs below consensus… PATH up 7.1%
Zscaler (ZS) beats by $0.03, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus… ZS down 9.8%
Zumiez (ZUMZ) beats by $0.19, beats on revs; guides Q4 EPS below consensus, revs below consensus… ZUMZ down 7.2%Holy cow batman — the “Mother of all reports” adds +263,000 jobs & U/E stays at 3.7%
as FED can’t get hot job market to slow down … and with high inflation folks do need to workEquity indices in the Asia-Pacific region ended the week on a lower note.
—Equity Markets—
Japan’s Nikkei: -1.6% (-1.8% for the week)
Hong Kong’s Hang Seng: -0.3% (+6.3% for the week)
China’s Shanghai Composite: -0.3% (+1.8% for the week)
India’s Sensex: -0.7% (+0.9% for the week)
South Korea’s Kospi: -1.8% (-0.1% for the week)
Australia’s ASX All Ordinaries: -0.7% (+0.8% for the week)Japanese regulators are reportedly probing regional banks regarding unrealized losses on foreign bonds.
Bank of Japan Governor Kuroda acknowledged that a global economic slowdown has been observed. Unionized rail workers in South Korea dropped their plan for a strike.
South Korea’s November CPI -0.1% m/m (last 0.3%); 5.0% yr/yr (expected 5.1%; last 5.7%)
Australia’s October Home Loans -2.9% m/m (expected -4.5%; last -4.8%) and October Retail Sales -0.2% m/m, as expected (last 0.6%)
New Zealand’s Q3 Terms of Trade Index -3.4% qtr/qtr (expected 1.6%; last -2.4%)Major European indices trade near their flat lines.
—Equity Markets—
STOXX Europe 600: -0.7% (+0.1% week-to-date)
Germany’s DAX: -0.2%% (-0.5% week-to-date)
U.K.’s FTSE 100: -0.3% (+0.7% week-to-date)
France’s CAC 40: -0.4% (+0.2% week-to-date)
Italy’s FTSE MIB: -0.5% (-0.6% week-to-date)
Spain’s IBEX 35: -0.3% (-0.4% week-to-date)Eurozone’s October PPI decelerated for the second consecutive month, returning to levels seen at the end of Q1.
European officials are still trying to agree on a price cap for Russian oil.
Hungary’s Prime Minister Orban repeated his country’s opposition to implementing a global minimum corporate tax.
Spain was visited by over seven million tourists in October, which was about 6.0% below the total from October 2019.
Eurozone’s October PPI -2.9% m/m (expected -2.0%; last 1.6%); 30.8% yr/yr (expected 31.5%; last 41.9%)
Germany’s October trade surplus EUR6.90 bln (expected surplus of EUR5.20 bln; last surplus of EUR2.80 bln). October Imports -3.7% m/m (expected -0.4%; last -2.2%) and Exports -0.6% m/m (expected -0.3%; last -0.7%). October Import Price Index -1.2% m/m (expected -1.7%; last -0.9%); 23.5% yr/yr (expected 23.3%; last 29.8%)
France’s October Industrial Production -2.6% m/m (expected 0.0%; last -0.9%). October government budget deficit EUR143.20 bln (last deficit of EUR146.60 bln)
Spain’s November Unemployment Change -33,500 (expected -20,300; last -27,000)Marvell (MRVL 43.11, -2.29, -5.0%): misses by $0.02, misses on revs; guides Q4 EPS below consensus, revs below consensus
Ambarella (AMBA 72.15, -1.78, -2.4%): beats by $0.04, reports revs in-line; guides Q4 revs below consensus
Ulta Beauty (ULTA 479.99, +.746, +1.5%): beats by $1.21, beats on revs, comps of +14.6%; guides FY23 EPS above consensus, revs above consensus, raises comp guidance
Zscaler (ZS 131.05, -13.45, -9.3%): beats by $0.03, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus; but disappointed with billings growth guidance
Smartsheet (SMAR 36.40, +3.89, +12.0%): beats by $0.14, beats on revs; guides Q4 EPS above consensus, revs above consensus
Veeva Systems (VEEV 184.30, -7.12, -3.7%): beats by $0.06, beats on revs; guides Q4 EPS below consensus, revs below consensus
PagerDuty (PD 24.25, +1.73, +7.7%): beats by $0.08, beats on revs; guides Q4 EPS above consensus, revs in-line
Asana (ASAN 15.55, -2.53, -14.0%): beats by $0.06, beats on revs; guides Q4 EPS above consensus, revs below consensus
UiPath (PATH 14.54, +1.62, +12.5%): beats by $0.06, beats on revs; guides Q4 revs below consensus
Credit Suisse (CS 3.3300, +0.24, +7.8%): Chairman Axel Lehmann says liquidity situation is improving, according to Bloomberg interviewDow -140.00 at 34260.35, Nasdaq -91.98 at 11330.32, S&P -24.44 at 4052.55
The main indices lifted somewhat off session lows.
On an individual basis, Asana (ASAN 15.68, -2.40, -13.2%) and Zscaler (ZS 128.71, -15.88, 11.0%) are down big after reporting quarterly results.
The U.S. Dollar Index is up 0.4% to 105.17.
Tesla (TSLA 194.86, +0.21%, +0.1%) is a notable standout, going against the downward grain with a modest gain after the company announced its first semi truck deliveries.
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